The Indian currency weakened to 84.45 rupees (provisional) against the American dollar during Tuesday’s trading day due to escalating geopolitical tensions and conservative market sentiment. Market sentiment decreased due to heightened tensions between India and Pakistan which forced traders to revise their risk appetite.
Foreign exchange trading began at 84.28 in the interbank market with prices reaching 84.26 before declining to 84.63 relative to the US dollar. The currency finished its daily session at 84.45 which resulted in a 15 paise decrease from its last closing price of 84.30.
The Indian currency maintained its strength by rising 27 paise to settle at 84.30 during Monday’s market session. Market confidence displayedfragility through its reversal on Tuesday because of ongoing geopolitical tensions.
Forex traders identified multiple supporting elements which partially buffered the rupee’s downward movement. Lower oil prices together with ongoing foreign fund investments worked to stop additional currency value loss. Brent crude futures traded at USD 61.95 per barrel with a 2.86 percent increase as the international oil benchmark deployed across global markets.
The dollar index tracked by forex markets decreased by 0.05 percent while it rested at 99.78 thus showing US dollar stability.
Indian equity markets exhibited caution while trading on domestic territory. International markets reflected a cautious mood when closing the day as the BSE Sensex fell by 155.77 points to settle at 80,641.07 while the NSE Nifty ended at 24,379.60 with an 81.55 point decrease.
Data from exchanges demonstrated that foreign institutional investors (FIIs) purchased Indian equities worth 497.79 crore rupees during Monday’s session which helped stabilize the national financial sector.
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